SHAFAQNA TURKEY – The price of a barrel of Brent oil, which rose to $85.59 yesterday, ended the day at $84.46. As of 09:23, the price of Brent oil per barrel increased by 0.41 percent compared to the closing date and amounted to $84.81. At the same time, West Texas Intermediate (WTI) crude oil found buyers at $79.71 per barrel.
Oil prices remain mixed amid uncertainty over the global economy and demand outlook.
The annual growth of the Chinese economy in 2022 was 3 percent, the second-lowest annual growth since 1976, according to data released today, below the government’s target of about 5.5 percent.
On the other hand, industrial production in the world’s largest oil-importing country rose 1.3% year-on-year in December, better than expected, while retail sales fell less-than-expected, 1.8% over the same period. .
Despite the weak growth data, stronger-than-expected data for retail sales and industrial production, as well as the lifting of restrictions due to COVID-19 in the country, led to a mixed picture of the economic outlook.
At the center of the markets is the Organization of the Petroleum Exporting Countries monthly report on the oil market, which will be released today. Investors are wondering how the group’s oil demand expectations will shape in the wake of recent developments in the global economy.
The data of the International Energy Agency on the oil market will be published tomorrow.
It is argued that technically the $84.95 to $85.73 range for Brent oil can be seen as resistance, and the $84.17 to $83.39 range as support.
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